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KReddit934 t1_j2c665l wrote

Where are you? How old? What do you have for savings now?

These all make a difference.

There a flowchart in the Personal Finance Wiki..

https://reddit.com/r/personalfinance/w/index

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lost_girl_2019 OP t1_j2dbq1s wrote

I'm in the very middle of the US and I'm in my mid-30's. I started a savings account that my part time job check goes into. Gross base pay per month is $500. I'm using a lot of that to help my husband pay off his debt, but want to put at least $50 into a retirement or investment account. I plan to also use some of that to put into a HYSA for emergencies. The $50 was decided on because I easily blow that amount on stuff I don't need every month and would rather put it to good use.

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eatin_gushers t1_j2dc8i4 wrote

Hey just fyi this probably isn’t enough information for most people here. For me, if your husband is also working and you guys can pay all of your bills and you have already contributed to your tax-advantaged retirement accounts, go do it.

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lost_girl_2019 OP t1_j2demmb wrote

My husband is retired. He's in his mid-60's. He has a retirement account but is no longer contributing to it. I do not have one. I would like to start one, though, which is why I'm needing some guidance. I'm trying to provide as much info as I can while still maintaining some degree of anonymity on the internet. What other information do you guys need? I'll see what I can answer!

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Mountainhollerforeva t1_j2di6x5 wrote

I would try to open a managed retirement account or 401k type account through your primary job. Most jobs offer you matching of some sort. As for me I have most of my money in HYSAs at the moment. Around 3.8% apy. For awhile now that’s looked more attractive than letting it to the whims of the current market. I also bought some us government I bonds while they were paying 9.62% apy. I don’t know if that was a good idea yet or not because they won’t mature til the fall. They’re still paying around 7% because they’re indexed to inflation, so slightly better than hysas

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qeqe1311 t1_j2dnb3s wrote

All of these simple but very effective factors, that really does matters.

If Someone is really cautious before investing and care of these things, then he would be most probably in a good place.

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